The present invention relates to the field of confirming trade transactions, and more particularly, to a system and method for confirming trade transactions by transmitting secure electronic envelopes containing trade confirmations via the Internet and/or private network to a customer""s e-mail address. The customer then enters a personal password to open an electronic envelope to view the trade confirmation documents contained therein.
It is well known that people throughout the world trade (buy and sell) stocks, bonds, mutual funds, or other commodities. There are those who trade infrequently, i.e. once a year, and there are those who trade on a daily or hourly basis. Particularly for those people who are involved in frequent trading, it is essential that they constantly monitor and evaluate the economic market for fluctuations in prices of stocks, bonds, mutual funds, or the like. Because prices of stocks, bonds, mutual funds, or the like fluctuate often, it is important for those involved in such trading to find an efficient and effective way to obtain trading information.
Traditionally, people who desired to trade stocks or the like would seek the services of professional trading brokers. Using such services would generally require one to personally meet and/or talk to a professional trading broker to obtain his/her services. As can be appreciated, the traditional method can be very time consuming and inefficient, particularly for those people whose time is very valuable and limited.
Recently, however, the technological advances associated with the electronic data exchange, Internet, World Wide Web (WWW), and electronic commerce are providing many people an alternative to the traditional method described above. For example, many are now using the Internet/WWW as a preferred method for trading. As a result, many people are now trading online using an online trading company (xe2x80x9cOTCxe2x80x9d).
FIG. 1 illustrates a simplified diagram showing a conventional system and method used for online trading, and further illustrates the system and method used for providing trade confirmations to the customer. It should be noted that, in general, when a trade is completed either online through the OTC, or through the professional broker as described earlier herein, the OTC or broker will usually send a confirmation letter to the customer confirming the trade. The confirmation letter is usually sent in paper form using regular postage mail.
Referring to FIG. 1, a customer 4 typically connects to the Internet with any available method and visits an OTC web page 6 (URL). At this time, the customer 4 trades stocks, bonds, or the like, and the trade details are generally stored in an OTC database 8. The OTC 2 will use the trade details stored in the OTC database 8 and create a hardcopy (paper) confirmation that is enclosed in a paper envelope 10 for mailing to the customer 4. The paper envelope 10 containing the hardcopy confirmation will usually arrive at the customer""s home or business address in 2-5 days from the mailing date of the paper envelope 10. Thus, a problem exists where the customer 4 will not know whether the online trades were actually consummated for at least 2-5 days until the customer 4 receives the hardcopy confirmation.
In addition to the problem of not knowing whether the trades were consummated for at least 2-5 days, other problems exist with the system and method described above. For example, the process of preparing the paper envelope 10 containing the hardcopy confirmations requires the use of various resources, which in turn increases the cost for the OTC. The OTC must purchase papers, envelopes, stamps, printers, etc. in order to prepare and mail off the hardcopy confirmations to its customers. The OTC also uses human resources to prepare the hardcopy confirmations and envelopes. Further, even if the confirmations and envelopes were properly prepared and mailed off, there is the possibility that some confirmations and/or envelopes may be lost or destroyed during the delivery process.
Further, there are security issues that need to be addressed when trade confirmations are transmitted over the Internet. As is well known, most information transmitted over the Internet are unsecured, but certain information such as trade confirmations require the strictest security measures. Most systems and methods available today are not believed to provide the necessary security for transmitting trade confirmations.
Thus, there is a need for a system and method that can provide trade confirmations to the customer in a reliable and efficient manner. There is also a need to provide the customer trade confirmations in a manner that uses optimal security measures. Accordingly, the present invention is directed to a system and method for providing trade confirmations in a secure and efficient manner via the public Internet and/or private network to the customer""s e-mail address.
It is an object of the present invention to provide a system and method that can transmit trade confirmations via a public Internet and/or a private network to e-mail addresses.
It is another object of the present invention to provide a system and method that can transmit trade confirmations in a secure and confidential manner via a public Internet and/or a private network to e-mail addresses.
It is yet another object of the present invention to provide a system and method that can transmit trade confirmations in a cost efficient and timely manner via a public Internet and/or a private network to e-mail addresses.
It is a further object of the present invention to provide a system and method that can transmit trade confirmations in a convenient manner.
It is an object of the present invention to provide a system and method that can transmit trade confirmations in a secure electronic envelope.
It is another object of the present invention to provide a system and method that eliminates or reduces the postage and printing costs associated with mailing hardcopy confirmations.
It is a further object of the present invention to provide a system and method that allows the customer to receive trade confirmations from various locations.
It is yet another object of the present invention to provide a system and method that can transmit a return receipt to the sender when an electronic envelope was received and opened by the recipient.
These and other objects of the present invention are obtained by providing a system and method that provides trade confirmations to the customer in a secure and costeffective manner. After executing a trade online, the customer will receive an encrypted electronic envelope containing the trade confirmation document at the customer""s e-mail address. The electronic envelope is secured and marked with a date/time stamp for security purposes. The customer then provides a personal password to decrypt the electronic envelope. After providing the correct password, the confidential trade confirmation document is displayed to the customer. A return receipt is then transmitted to the sender notifying the sender that the electronic envelope was successfully received and opened.